Ethereum price (ETH/USD) pulls back after reaching one-week high

The second-largest digital coin experiences significant increase in trading volume

Ethereum price (ETH/USD) pulls back after reaching one-week high

The Ethereum price (ETH/USD) has managed to defend the $200 mark on Friday, despite experiencing a significant pull-back that erased its early gains.

The second-largest digital currency on the market had a strong trading session yesterday, continuing its recovery the new 2018 low it reached on Wednesday. Ethereum’s advance accelerated in the afternoon, allowing the coin to break through the $200 barrier for the first time in three days. The coin rose to as high as $214.00 – at that time its highest price level since September 8 – before finishing the session at $211.35, up from its opening level of $183.68.

Ethereum continued to push forward in the early hours of today’s trading, with its price rising to a one-week high of $222.79. While the cryptocurrency has since pulled back amid what appears to be a market-wide price correction, it has still remained well above the $200 mark. At the time of writing, the Ethereum price was hovering around $205, according to data from digital currency tracker Coinmarketcap.

Ethereum’ rally has been supported by a substantial increase in the coin’s trading volume. Around $2.3 billion worth of ETH tokens changed hands on Thursday, recent market data shows. This was significantly higher than the coin’s Wednesday trading volume of $1.87 billion.

Judging Ethereum’s 24-hour volume, the market activity remains strong on Friday. At the moment, the most popular destination for ETH trading is BitForex, which has captured nearly a quarter of the $2.3 billion volume generated over that period.

In today’s trading, the Bitcoin price stood at $205.34, as of 15:13 BST. The digital coin has gained 1.7% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at nearly $21 billion.

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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